ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.
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THE FINANCIAL MANAGEMENT CENTRE UK LTD
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Holden Associates
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C & B Accounting Solutions Ltd
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NIXON WILLIAMS LIMITED
Nixon Williams has been providing specialist accountancy services to contractors, freelancers, consultants and interim professionals throughout the UK...See More
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BROOKSON LIMITED
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ACCOUNTS 2U LIMITED
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LLOYDS ACCOUNTANTS LTD
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TI Accountancy Limtied
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PAYLESS ACCOUNTING & OUTSOURCING LIMITED
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Athena Bookkeeping Services
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Harris Rosenberg Chartered Accountants
We help small-scale and early-stage businesses get to where ...
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Sambhav Management Limited
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GORILLA ACCOUNTING LIMITED
orilla Accounting was born after a group of specialist accountants with decades of experience amongst them, decided that accounting shouldn’t be a lab...See More
Frequently asked questions
What is a Creditors Voluntary Liquidation (CVL) and how does it work in Conwy?
A Creditors Voluntary Liquidation (CVL) is a formal insolvency procedure for a company that cannot pay its debts. In Conwy, our licensed liquidators convene a meeting of shareholders and creditors, present a statement of affairs, and then a liquidator is appointed to sell company assets, investigate director conduct, and distribute funds to creditors. The process typically takes 6-12 months to complete, after which the company is dissolved.
Can I continue trading if my company is in liquidation in Conwy?
Once a company enters liquidation, directors lose control and the appointed liquidator takes over. However, in some cases, the liquidator may allow the company to continue trading for a short period to complete contracts or sell stock at a better value. This is decided on a case-by-case basis and requires the liquidator's approval to ensure it benefits creditors.
What are the costs of company liquidation in Conwy?
The cost of liquidation varies based on company complexity, asset value, and creditor numbers. Typically, fees range from £3,000 to £6,000 plus VAT for a straightforward CVL, paid from company assets or by directors if assets are insufficient. We provide a fixed-fee quote after an initial free assessment, with no hidden charges. Contact us for a precise estimate.
What are the legal duties of directors during liquidation in Conwy?
Directors must cooperate fully with the liquidator, provide all company records and accounts, disclose all assets and liabilities, and attend meetings if required. They must not dispose of assets or make preferential payments before liquidation. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our team guides you through every requirement.
Can I close a solvent company without formal liquidation in Conwy?
Yes, if your company is solvent and has not traded in the last three months, you can apply for a Members' Voluntary Liquidation (MVL) or a simple strike-off via Companies House. An MVL is more tax-efficient for extracting retained profits as capital gains. We assess your situation and recommend the most cost-effective route, ensuring full legal compliance.
How long does the liquidation process take in Conwy?
For a Creditors Voluntary Liquidation, the initial appointment can occur within 2-4 weeks from the first consultation, depending on creditor notification requirements. The full liquidation process, including asset realisation and final distribution, typically takes 6-12 months. A solvent MVL can be completed in as little as 3-6 months. We provide a timeline after reviewing your case.
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